Once a bustling spot for tourists from the mainland, the pandemic as well as subsequent measures means that Hong Kong luxury retail has lost a significant portion of consumers — tourists from the mainland.
However, businesses have to make a living after all, and so outlets belonging to Luk Fook Holdings and Chow Tai Fook Jewellery, both rivals in the same industry of selling jewels, have turned their eyes on local consumers, pushing out benefits and discounts to locals. Luk Fook Holdings is even working with a local e-commerce platform to set up its own shopping website.
For other industries such as F&B, the increase in domestic consumers due to relaxation of policies since February means that life goes on as usual for them.
Meanwhile, Hong Kong is still pushing full-steam ahead with the goal of becoming one of the next R&D giants in Asia… or at least, there are signs of it hoping to be. Hong Kong is actively recruiting tech talents across the world, through the Technology Talent Admission Scheme (TechTAS). This scheme allows companies to employ tech talents across the sea, going beyond borders to find the best tech talents suited for the company. The mainland government has also set aside funds especially for researchers based in Hong Kong universities.
It’s clear that beyond stagnating as a retail heaven, Hong Kong is now pushing forward as a formidable force in the field of technology too.